Before forming a business, it’s essential to take the time to plan and gather information that will set a strong foundation for your venture. Start by writing a detailed business plan to outline your goals, target market, and financial strategy, using tools like SCORE’s free templates or affordable platforms like LivePlan. Conduct thorough market research using free resources like Google Trends and the Census Bureau to assess demand and competition. Carefully choose a business name, ensuring it’s unique and not already trademarked, using tools like the USPTO database or your state’s business entity search. Understanding your tax obligations is crucial, so consult the IRS Small Business Tax Center for guidance on EIN registration and tax compliance. Finally, consider the type of business insurance and licenses your industry may require, as platforms like Hiscox or your local government can provide affordable coverage and permit information. Preparing with these steps ensures a smoother and more informed path to incorporation and success.
Information to Use Before Forming a Business
- SBA Business Guide
- A free resource offering a step-by-step guide on writing a business plan, choosing a business structure, and registering your business.
sba.gov
- A free resource offering a step-by-step guide on writing a business plan, choosing a business structure, and registering your business.
- IRS Small Business and Self-Employed Tax Center
- Essential guidance on choosing a business structure, understanding tax obligations, and applying for an EIN.
irs.gov
- Essential guidance on choosing a business structure, understanding tax obligations, and applying for an EIN.
- Nolo’s Guide to Starting a Business
- Free articles and affordable books on legal, financial, and strategic considerations before starting a business.
nolo.com
- Free articles and affordable books on legal, financial, and strategic considerations before starting a business.
- Small Business Development Centers (SBDCs)
- Free consulting on market research, business structure selection, and other key decisions before incorporation.
americassbdc.org
- Free consulting on market research, business structure selection, and other key decisions before incorporation.
- Business Entity Comparison Chart (Various Legal Sites)
- Many legal platforms (e.g., LegalZoom, Rocket Lawyer) offer free comparison charts for LLCs, S-Corps, C-Corps, and sole proprietorships.
- State and Local Licensing Resources
- Check your state or city’s business portal for industry-specific requirements and permits. Select You State
- US Chamber of Commerce
- Offers free checklists and resources for business planning, market research, and incorporation considerations.
uschamber.com
- Offers free checklists and resources for business planning, market research, and incorporation considerations.